Cement News tagged: Corporate
Qatar National Cement Co sees 35% profit fall in 2Q17
Qatar National Cement Co reported a 34.9 per cent YoY drop in profits for 2Q17, according to a filing to the Qatar Stock Exchange (QSE). Profits declined to QAR83.3m (US$22m) from QAR127.9m reported in the equivalent period of the previous year. In the first half of 2017, the company posted a 33.2 per cent decrease in profits reaching QAR168.1m against QAR 251.7m in 1H16.
Yamama Cement sees 90% profit fall
Saudi Arabia's Yamama Cement Co saw net profits fall 89.5 per cent YoY in 2Q17. Earnings contracted to SAR12.17m in the second quarter from SAR116.3m in 2Q16. The decrease in net profits was attributed to lower sales following a decrease in local demand. Total sales decreased by 30.6 per cent to SAR194.7m in 2Q17 from SAR280.4m in 2Q16.
Hail Cement sees 90% profit slide in 2Q17
Saudi Arabia's Hail Cement Co announced that its net profits decreased by 90.1 per cent YoY to SAR2.66m (US$709,203) in 2Q17 from SAR26.8m in 2Q16. Sales fell 51.2 per cent to SAR32.16m in the second quarter, from SAR75m in 2Q16 as demand in the kingdom fell, competition increased and prices declined. In the first six months, profits fell 81.5 per cent to SAR10.9m from SAR59.13m in 1H16...
Caribbean Cement still has no second director elected to the board
Sunday Finance had reported last week that Colin Steele, a public certified accountant, would assume the position for a second Jamaican domiciled member of the board of directors of the Caribbean Cement Company Ltd (CCCL). However, the position has not been taken up, reports the Jamaican Observer. Colin Steele was lined up to be the second board member after an attempt to remove the obliga...
PPC's CEO is to resign
Darryll Castle, Pretoria Portland Cement's (PPC) CEO, is stepping down to pursue other interests. PPC announced in a statement that Mr Castle will still be available to the group for six months to ensure a smooth handover. Johan Claassen, managing director of the South African cement business, has been appointed as interim chief executive. PPC reported a 93 per cent decline in full-year...
New Salboni cement plant launched by JSW Cement
JSW Cement, part of the JSW Group, has launched its state-of-the-art Salboni cement plant in Bengal. The largest cement plant of its kind in the state, the facility has a cement capacity of 2.4Mta and will produce premium Portland Slag Cement (PSC) grade cement. JSW Cement has targeted the eastern markets gain market share. JSW Cement will market its brand through a TVC campaign. This ...
Qatrana Bank receives US$140.9m loan from Arab Bank Jordan
Jordan-based Qatrana Cement, the subsidiary of the Saudi-based Arabian Cement Co, signed an agreement with Arab Bank Jordan for a loan worth JOD100m (US$140.9m). The loan will be repaid on eight years divided into 16 equal installments, Arabian Cement added in its statement to the Saudi Stock Exchange (Tadawul). The fianl instalment will be on 11 June 2025. The receipts of financing will ...
Breedon 1H17 results boosted by Hope contribution
Breedon Group plc, the UK’s largest independent construction materials group, announces its unaudited interim results for the six months ended 30 June 2017, reporting a strong profit improvement from former Breedon Aggregates business and robust contribution from former Hope Construction Materials. The former Breedon Aggregates business posted a strong profit improvement, even after taking ...
Cemex successfully closes new US$4.05bn bank loan
Cemex announced today that it has entered into a new facilities agreement for a total amount of US$4.05bn with 20 institutions. The 2017 Credit Agreement will be used to refinance the US$3.68bn facilities agreement dated 29 September 2014 (2014 Credit Agreement), and the remaining amount will be used for general corporate purposes, which may include debt repayment. Cemex expects to fully can...
Unacem acquires Hormigonera Quito
Peru-based Unacem has bought a 100 per cent stake in concrete producer Hormigonera Quito of Ecuador. Hormigonera Quito operates two industrial plants - one north of Quito on a 16,000m 2 site and another one to the south on a 22,000m 2 plot. The concrete manufacturer was established in 1984 and is part of the American Concrete Institute, the Ecuadorian Chamber of Construction and Indus...
UltraTech sees profit growth in 1QFY18
UltraTech Cement Ltd, an Aditya Birla Group Company, yesterday announced its unaudited financial results for the quarter ended 30 June, 2017. The results include those of the cement plants of Jaiprakash Associates Ltd (JAL) and Jaypee Cement Corporation Ltd (JCCL) acquired in terms of a Scheme of Arrangement effective 29 June 2017. Net sales for the period stood at INR69.38bn as compared to ...
FTC approves divestment of Martinsburg plant and related assets
Following a public comment period, the US' Federal Trade Commission (FTC) has approved an application from HeidelbergCement AG and Italcementi SpA to sell the Essroc cement plant in Martinsburg (WV), eight cement terminals in the mid-Atlantic and related assets to Argos USA LLC, a subsidiary of Cementos Argos SA. The divestiture is required by the FTC's August 2016 final order settling char...
Hanil completes acquisition of Hyundai Cement
Hanil Cement Co has completed the acquisition of Hyundai Cement Co in South Korea. The consortium of Hanil Cement and LK Investment Partners has paid US$552.2m for a controlling stake of 84.56 per cent stake (or 14.17m shares) of Hyundai Cement from 32 creditors, including the Korea Development Bank and Hana Financial Investment Co. The two companies formed HLK Holdings, a special purpose com...
ACC achieves sales growth of 18%
India-based cement producer ACC Ltd has recorded a 32.6 per cent growth in consolidated net profit for the April-June quarter, helped by sales growth. The LafargeHolcim group company said net profit for the three months to the end of June 2017 totalled INR3.26bn (US$50.7m). Operating EBITDA improved by 38 per cent to INR6.37bn. Pretax profit was up by 19 per cent in the current quarter. ...
Nova Cimangola’s new clinker line enters service
Nova Cimangola has inaugurated its new 2Mta clinker line in Cacuaco, enabling the country to become self-sufficient in clinker production. The expansion raises the capacity of the plant, which sits on an 687ha site, to 3.8Mta. The project represents an investment of US$300m. Around 220 new jobs were created for the operation of the works with 85 per cent filled by local people.
RINL and CCI to set up cement plant
Steel producer Rashtriya Ispat Nigam Ltd (RINL) and the Cement Corporation of India (CCI) have signed a Memorandum of Understanding (MoU), to establish a 2Mta fly ash and blastfurnace slag-based cement plant in a joint venture in two phases of 1Mta capacity each. RINL is offering around 35 acres of land for the proposed plant on its premises. The project is proposed to be completed in 15 mon...